This conference, held from February 4-11 of 1945, was a meeting between the US, Great Britain, and the Soviet Union. The representatives from each country were Franklin D. Roosevelt, Winston Churchill, and Joseph Stalin.
One of the problems discussed here was how to handle and control Germany. The USSR wanted to divide it permanently and make Germany pay 20 billion dollars. The US wanted to divide Germany into three zones, one controlled by each ally and eventually all of them democratically united.
Another problem discussed at the Yalta Conference was if and how the US would aid the other countries after World War II. The USSR wanted the United States to lend them 6 billion dollars with 2.37% interest and no other conditions. The US, however, did not want to lend money to the USSR or Great Britain until they have repaid at least half of the money from the Lend-Lease Act.
Perhaps the most important issue discussed at this meeting was the decision to create the United Nations. The USSR wanted each of its 15 socialist republics to get one vote, but for the US and Great Britain to get only 1 vote each. The United States wanted the USSR to join so that they would at least remain somewhat of allies. There would be a General Assembly where each country gets one vote. However, the US, Great Britain, France, China, and the USSR would all have veto power in the Security Council.
This event was important to the Cold War because it set the stage for the differing opinions of the USSR and the US and really showed how completely differently the two operated.